Altair Engineering Inc. (NASDAQ:ALTR) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. reduced its stake in shares of Altair Engineering Inc. (NASDAQ:ALTRFree Report) by 11.5% during the third quarter, Holdings Channel.com reports. The firm owned 5,615 shares of the software’s stock after selling 731 shares during the period. Principal Financial Group Inc.’s holdings in Altair Engineering were worth $351,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Allspring Global Investments Holdings LLC raised its stake in shares of Altair Engineering by 10.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,991 shares of the software’s stock valued at $125,000 after purchasing an additional 190 shares in the last quarter. Ziegler Capital Management LLC grew its holdings in Altair Engineering by 3.8% during the third quarter. Ziegler Capital Management LLC now owns 6,309 shares of the software’s stock worth $395,000 after acquiring an additional 230 shares during the period. Fifth Third Bancorp grew its holdings in Altair Engineering by 41.3% during the second quarter. Fifth Third Bancorp now owns 937 shares of the software’s stock worth $71,000 after acquiring an additional 274 shares during the period. Ameritas Investment Partners Inc. grew its holdings in Altair Engineering by 6.7% during the second quarter. Ameritas Investment Partners Inc. now owns 4,439 shares of the software’s stock worth $337,000 after acquiring an additional 280 shares during the period. Finally, UBS Group AG grew its holdings in Altair Engineering by 48.7% during the fourth quarter. UBS Group AG now owns 938 shares of the software’s stock worth $43,000 after acquiring an additional 307 shares during the period. 63.38% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Separately, JPMorgan Chase & Co. initiated coverage on Altair Engineering in a report on Friday, December 22nd. They set an “overweight” rating and a $86.00 target price on the stock. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $74.86.

Check Out Our Latest Stock Report on Altair Engineering

Altair Engineering Trading Down 2.4 %

Shares of ALTR opened at $90.02 on Tuesday. The business’s 50-day moving average price is $81.84 and its 200 day moving average price is $71.48. The stock has a market capitalization of $7.35 billion, a P/E ratio of -428.65, a P/E/G ratio of 27.79 and a beta of 1.45. Altair Engineering Inc. has a 1-year low of $53.92 and a 1-year high of $92.92. The company has a current ratio of 1.99, a quick ratio of 1.99 and a debt-to-equity ratio of 0.36.

Insider Buying and Selling

In related news, major shareholder George J. Christ sold 100,000 shares of Altair Engineering stock in a transaction dated Monday, November 20th. The stock was sold at an average price of $74.00, for a total value of $7,400,000.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Altair Engineering news, major shareholder George J. Christ sold 100,000 shares of Altair Engineering stock in a transaction dated Monday, November 20th. The stock was sold at an average price of $74.00, for a total transaction of $7,400,000.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, major shareholder Gc Investments Llc sold 14,411 shares of Altair Engineering stock in a transaction dated Wednesday, December 6th. The shares were sold at an average price of $72.05, for a total value of $1,038,312.55. The disclosure for this sale can be found here. In the last quarter, insiders have sold 320,895 shares of company stock valued at $25,107,048. 22.17% of the stock is owned by corporate insiders.

Altair Engineering Company Profile

(Free Report)

Altair Engineering Inc, together with its subsidiaries, provides software and cloud solutions in the areas of simulation, high-performance computing, data analytics, and artificial intelligence in the United States and internationally. The company operates in two segments: Software and Client Engineering Services.

Further Reading

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Institutional Ownership by Quarter for Altair Engineering (NASDAQ:ALTR)

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